Bray International believes that we will continue making acquisitions and opening new offices around the world. Cforia Software allows Bray to quickly and seamlessly integrate each acquired entity into our worldwide A/R collections and reporting process.
Donna DriverSenior Financial Analyst, Bray International Inc.
Cforia Software conservatively doubled the call volume of our collectors while prioritizing to assure that every customer who needs to be called gets contacted. This has resulted in Sennheiser decreasing greater than 30 days past due receivables from 11.1% to under 1% during a period where we increased sales by 30%. We achieved these excellent results without increasing headcount.
Mark TomasiCredit Manager, Sennheiser
Cforia’s customer self-service portal is integrated with their workbench. With our former product, we would have had to buy another company’s portal and integrate with our collections system- simply not cost effective. When customers pay online, those invoices are tagged with a promise date in MC2- no more dunning customers that have paid us. It is our goal to be as seamless as possible with the customers we do business with and Cforia enables us to meet our commitment to our customers.
James SarkkinenCredit Manager, Interstate Companies
When we did our appropriation request we looked at our ROI. At the time we had another software package, so we predicted we would get 2-3 days off our DSO- we were pleasantly surprised. Over the past 5 years our DSO has dropped 30 days, our bad debt expense has dropped a half million dollars, all a result of the Cforia product, specifically the rules, allowing us to pick on more strategic accounts that we want our collectors to utilize.
Andrea BreaultFinance Director N. American Shared Service Center, Thermo Fisher Scientific
We had an extremely large volume of deductions that we were having trouble managing. In the first year we increased our re-paid deductions by 36% and decreased our outstanding deductions by 40% in the first year of using Cforia’s workbench. Currently, we have decreased our outstanding deductions portfolio by 86%. Smaller deductions were getting written off without even getting looked at, so we needed a way to increase collections on our deductions portfolio as well as report on them.
Renee HartMTD Products
Cforia has helped us tremendously with the Deductions side of our business. We have taken our DDO from 50 days to 25 days. We code and age all of our deductions. I report to our CFO on a monthly basis our outstanding deductions by type and customer. I also report on a quarterly basis to our general accounting manager to make sure we are properly accrued in specific areas. This reporting functionality in deductions allows not only our collectors but all the way up to a managerial and CFO level as well.
James Stewart, Corporate Credit ManagerStandard Motor Products
The rules allows us to create a list of customers that need to be contacted so we can prioritize our collectors’ workflow. This allows for lots of touches with minimal effort. Since automating customer touches with the rules we have had a decrease in our DSO with our largest business unit of 21 days. We have had greater coverage of our aging, allowing for better follow-up on past due invoices and even proactively as well. Prior to Cforia, collectors had to do a lot of manual work to pull aging reports- these processes are much more streamlined and consistent.
Elena EngramThermo Fisher Scientific
Cforia’s real-time integration capabilities with invoicing and cash application prevents us from dunning customers who have already paid. We are working with clean, unpaid receivables- we are only dunning customers who haven’t paid us. This has taken away the customer frustration from the former batch upload process. The number of needless customer contacts has gone down, while the collector value has gone up.
James Sarkkinen, Credit ManagerInterstate Companies
Cforia is able to pull and divide out what we want for invoicing in terms of separating deductions and disputes from open invoices. This allows us to look at reports for open invoices only and do forecasting off of that.
Barb SkrlettsMTD Products
Consolidating all of our collection and follow-up activities into Cforia’s workbench not only improved our visibility, but it allowed us to create a more efficient workflow. In working with multiple sales territories the Deductions Workflow was key in collaborating between salesperson and the A/R Department which ultimately resulted in an 80% reduction in overall open deductions.
Mark Tomasi, Credit ManagerSennheiser
Cforia Software supports Bray’s rigorous worldwide requirements. They allow us to stay operational 24/7 in our follow-the-sun enterprise without having a batch outage window in any region. Total Cost of Ownership is low, because our local business users are able to setup their country specific languages, currencies and collection rules themselves.
Donna Driver, Senior Financial AnalystBray International, Inc.